PUBLISHER: Meticulous Research | PRODUCT CODE: 1518339
PUBLISHER: Meticulous Research | PRODUCT CODE: 1518339
Plant-based Meat Market by Type (Tofu, TVP, Tempeh, Seitan, Meatballs, Burger Patties, Nuggets, Crumbles), Source (Soy, Wheat, Pea), Distribution Channel (B2B, B2C [Convenience Store, Online Retail, Specialty Store]) Geography-Global Forecast to 2030
According to the research report titled, 'Plant-based Meat Market by Type (Tofu, TVP, Tempeh, Seitan, Meatballs, Burger Patties, Nuggets, Crumbles), Source (Soy, Wheat, Pea), Distribution Channel (B2B, B2C [Convenience Store, Online Retail, Specialty Store]), and Geography-Global Forecast to 2030,' the plant-based meat market is projected to reach $24.01 billion by 2030, at a CAGR of 13.9% during the forecast period 2023-2030. The report provides an in-depth analysis of the plant-based meat market across five major regions, emphasizing the current market trends, market sizes, recent developments, and forecasts till 2030.
Following extensive secondary and primary research and an in-depth analysis of the market scenario, the report conducts an impact analysis of the key industry drivers, restraints, opportunities, and trends. The growing preference for plant-based food products, the growing vegan population, the increasing focus on animal welfare, and the rising demand for alternative proteins drive the growth of the plant-based meat market. However, consumer preference for soy and gluten-free products and significant preference for animal-based products may restrain market growth.
Moreover, innovation in food technology and product launches by plant-based food and alternative protein manufacturers are expected to create market growth opportunities. However, the expensive nature of plant-based products poses a significant challenge to the market's growth.
The key players operating in the plant-based meat market are Beyond Meat Inc. (U.S.), Impossible Foods Inc (U.S.), The Hain Celestial Group, Inc. (U.S.), Unilever Plc (U.K.), Kellogg Company (U.S.), Lightlife Foods, Inc. (Part of Maple Leaf Foods Inc., Canada) (U.S.), Nestle S.A. (Switzerland), Conagra Brands, Inc. (U.S.), Taifun -Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), Sunfed Meats (New Zealand), Quorn Foods (U.K.), Ojah B.V. (Netherlands), and The Kraft Heinz Company (U.S.).
Based on type, the global plant-based meat market is segmented into tofu, TVP, burger patties, tempeh, hot dogs & sausages, seitan, meatballs, ground meat, nuggets, crumbles, shreds, and other plant-based meat. The hot dogs & sausages segment is expected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to their increasing popularity as ready-to-eat food, new product launches of plant-based sausages, and increasing availability in many restaurants.
Based on source, the global plant-based meat market is segmented into soy, wheat, pea, and other sources. In 2023, the soy segment is expected to account for the largest share of the global plant-based meat market. The large market share of this segment is attributed to the rising demand from meat alternatives manufacturers, wide availability of raw materials, lower cost compared to other sources, wide usage of plant-based meat products, and higher consumer acceptance level due to its meat-like texture and taste.
Based on distribution channel, the plant-based meat market is segmented into business-to-business (B2B) and business-to-consumers (B2C). In 2023, the B2C distribution channel segment is expected to account for the largest share of the plant-based meat market. The large market share of this segment is attributed to factors such as rising online sales, increased plant-based food sales in well-established supermarkets and hypermarket chains and increasing consumer spending on vegan food products.
An in-depth geographic analysis of the industry provides detailed qualitative and quantitative insights into the five major regions (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) and the coverage of major countries in each region. Asia-Pacific is slated to register the highest CAGR during the forecast period. The rapid growth of this region is mainly attributed to the rising disposable income and improving standard of living, rapid urbanization, growing focus toward the inclusion of healthy diets such as plant-based food, the rising presence of many key players in the market, and rising government initiatives for the food industry.
Key Questions Answered in the Report-
Plant-Based Meat Market Assessment-by Type
Plant-Based Meat Market Assessment-by Source
Plant-Based Meat Market Assessment-by Distribution Channel
Plant-based Meat Market Assessment-by Geography
(Note: SWOT Analysis of The Top 5 Companies Will Be Provided)